What a difference a month made. Just look at all the closed sales that happened in March!

So what’s behind all this activity? Two main ingredients: low inventory and a slight drop in interest rates. On top of that, add the record-high stock market (at least until just this week). Many down payments in this area come from Restricted Stock Units (RSUs) and those have increased greatly in this market, further accelerating the demand. The competition right now is fierce and many homes are selling over list price and with multiple offers, as clearly happened here last month. In fact, in San Mateo County this year, the average home has sold for 4% over list and 7% over list in Santa Clara County.

It’s a great time for sellers. Inventory is still relatively low. For buyers, our advice to you is to really zero in on where you want to live and then be ready to make a strong offer (with our help of course :)

Ready to get started? Let’s schedule a time for a call or to meet in person and review your options. We are ready to assist you with any of your real estate needs.

Portola Valley

There were 11 sales, compared to just 4 in March of last year, and more importantly, 7 of those sold for more than list price – including the most expensive sale. As a result, the median price was up for the month and for the year.

Woodside

There were 8 sales, compared to just 5 in March of last year, and more importantly, 3 of those sold for more than list price – including two for more than $6 million. As a result, the median price was up significantly for the month and for the year.

Atherton

Unlike neighboring communities, sales were few in Atherton with just two closed escrows in March compared to four in March of last year. Because of the limited data, and the wildly varying prices of the two sales, the comparison on median prices this time last year or year to date is not indicative of a trend. There have been 11 sales this year

Menlo Park

There were 25 sales of single-family homes, compared to 19 in March of last year, and more importantly, 13 of those sold for more than list price. Despite the flurry of activity, the median price was down for the month and for the year due to the volume of homes sold under $3 million. 

Palo Alto

There were 32 single-family home sales but the striking news is that 23, or 72%, of them sold over list price. As a result, the median price was up for the month and for the year.

Los Altos and Los Altos Hills

There was a total of 26 single-family home sales compared to 25 last year. The real news is that 17, or 65%, of them sold over list price. As a result, the median price was up for the month and for the year in both Los Altos and Los Altos Hills.